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Reliance Steel & Aluminum Co. (NYSE:RS - Get Rating) - Research analysts at KeyCorp lifted their Q3 2022 EPS estimates for shares of Reliance Steel & Aluminum in a report released on Tuesday, September 20th. KeyCorp analyst P. Gibbs now expects that the industrial products company will post earnings of $6.15 per share for the quarter, up from their prior forecast of $6.10. KeyCorp has a "Overweight" rating and a $207.00 price objective on the stock. The consensus estimate for Reliance Steel & Aluminum's current full-year earnings is $28.28 per share.
Reliance Steel & Aluminum (NYSE:RS - Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The industrial products company reported $9.15 earnings per share for the quarter, topping analysts' consensus estimates of $9.02 by $0.13. The company had revenue of $4.68 billion for the quarter, compared to the consensus estimate of $4.61 billion. Reliance Steel & Aluminum had a net margin of 11.25% and a return on equity of 30.46%. The firm's quarterly revenue was up 36.9% on a year-over-year basis. During the same period in the previous year, the firm earned $5.06 EPS.
Several other equities research analysts also recently commented on RS. StockNews.com downgraded shares of Reliance Steel & Aluminum from a "strong-buy" rating to a "buy" rating in a report on Friday, July 29th. BMO Capital Markets initiated coverage on shares of Reliance Steel & Aluminum in a report on Monday, August 15th. They set an "outperform" rating and a $230.00 price objective on the stock. Finally, The Goldman Sachs Group dropped their price objective on shares of Reliance Steel & Aluminum from $234.00 to $218.00 in a report on Tuesday, July 12th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $222.20.Reliance Steel & Aluminum Price Performance
Shares of NYSE:RS opened at $175.12 on Friday. The company's 50-day moving average is $187.02 and its 200 day moving average is $186.34. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.60 and a current ratio of 3.02. The company has a market capitalization of $10.56 billion, a P/E ratio of 5.79 and a beta of 0.83. Reliance Steel & Aluminum has a fifty-two week low of $139.02 and a fifty-two week high of $211.65. Institutional Investors Weigh In On Reliance Steel & Aluminum
Several institutional investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. boosted its position in Reliance Steel & Aluminum by 1.0% during the 2nd quarter. Federated Hermes Inc. now owns 19,069 shares of the industrial products company's stock valued at $3,239,000 after buying an additional 184 shares during the period. Royal London Asset Management Ltd. lifted its position in shares of Reliance Steel & Aluminum by 28.0% in the 2nd quarter. Royal London Asset Management Ltd. now owns 1,194,848 shares of the industrial products company's stock worth $202,963,000 after purchasing an additional 261,250 shares during the period. ExodusPoint Capital Management LP lifted its position in shares of Reliance Steel & Aluminum by 130.5% in the 2nd quarter. ExodusPoint Capital Management LP now owns 62,248 shares of the industrial products company's stock worth $10,573,000 after purchasing an additional 35,246 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Reliance Steel & Aluminum by 6.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 317,904 shares of the industrial products company's stock worth $53,999,000 after purchasing an additional 18,956 shares during the period. Finally, Centiva Capital LP purchased a new stake in shares of Reliance Steel & Aluminum in the 2nd quarter worth about $999,000. Hedge funds and other institutional investors own 83.16% of the company's stock. Insider Buying and Selling
In other news, CFO Arthur Ajemyan sold 1,000 shares of the stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $198.39, for a total value of $198,390.00. Following the transaction, the chief financial officer now owns 12,870 shares of the company's stock, valued at approximately $2,553,279.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO James Donald Hoffman sold 10,000 shares of the stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $167.78, for a total transaction of $1,677,800.00. Following the transaction, the chief executive officer now owns 142,738 shares of the company's stock, valued at approximately $23,948,581.64. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Arthur Ajemyan sold 1,000 shares of the stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $198.39, for a total transaction of $198,390.00. Following the transaction, the chief financial officer now directly owns 12,870 shares in the company, valued at approximately $2,553,279.30. The disclosure for this sale can be found here. 0.62% of the stock is currently owned by insiders. Reliance Steel & Aluminum Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 2nd. Investors of record on Friday, August 19th were issued a dividend of $0.875 per share. This represents a $3.50 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend was Thursday, August 18th. Reliance Steel & Aluminum's dividend payout ratio (DPR) is presently 11.56%. About Reliance Steel & Aluminum (Get Rating)
Reliance Steel & Aluminum Co operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.Featured ArticlesGet a free copy of the StockNews.com research report on Reliance Steel & Aluminum (RS)What Steelcase's Earnings Say About the Return to the Office? The Institutions Hold On To Darden Restaurants International These 3 Big Dividend Payers Also Boast Strong Price Growth Is The Golden Age Of Homebuilding Already Over? Natural Gas Prices Continue To Rally, These Stocks Should Benefit
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